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RBL Real Estate Sells Del Norte Marketplace in Bay Area for $22.5 Million

by Alex Tostado

El Cerrito, Calif. — RBL Real Estate has completed the disposition of Del Norte Marketplace, a pharmacy-anchored shopping center located in El Cerrito. Miami-based Jewell Capital acquired the asset, including its existing debt, for $22.5 million. Located at 11511-11565 San Pablo Ave., the 64,270-square-foot retail center recently underwent a multi-year repositioning. Current tenants include Walgreens, Ross Dress for Less, dd’s Discounts and IHOP. Eric Kathrein, Tim Kuruzar, Bryan Ley and Jake Dempsey of JLL Capital Markets represented the seller in the deal.

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CaliforniaInvestment salesNews

Progressive Real Estate Brokers $5.7 Million Sale of All Star Car Wash Location in Corona, California

by Alex Tostado

Corona, Calif. — Progressive Real Estate Partners has arranged the sale of All Star Car Wash and Castrol Oil and Lube Center, located at 465 McKinley St. in Corona. A Japan-based private investor sold the asset, which includes the business and real estate, to an Orange County, Calif.-based private investor for $5.7 million. Built in 1992, All Star Car Wash features a full-service handwash with 100-foot tunnel, a three-bay Castrol Oil and Lube Express, a smog center, an outdoor patio and lobby. The buyer plans to upgrade the property with …

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CaliforniaCompany newsDevelopmentNewsRetailers

Lowe Launches Retail reVision, Focuses on Transforming Properties into Retail Hubs

by Alex Tostado

Los Angeles — Lowe has launched Retail reVision, its platform to reposition retail real estate. Under the initiative, the Los Angeles-based developer will target underperforming retail properties and partner with new and existing owners to manage or advise redevelopments. Lowe seeks properties that are regional draws, such as malls, community, lifestyle and power centers that are located in urban and suburban infill markets where Lowe currently operates. Target markets are California, the Pacific Northwest and Mid-Atlantic regions, the greater Denver and Phoenix metropolitan areas and the Carolinas. Lowe has named Joel …

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CaliforniaCompany newsEntertainmentNewsRetailers

Disneyland Resort Pushes Reopening Date Beyond July 17

by Alex Tostado

Anaheim, Calif. — Disneyland Resort has delayed the opening of its theme parks and resort hotels in Anaheim based on the State of California’s announcement that it will not issue theme park reopening guidelines until sometime after July 4. The company plans to announce a revised reopening date once government officials approve a phased reopening. Downtown Disney District, an outdoor shopping center at the resort, will reopen in July with health and safety protocols in place for employees and guests. This opening was approved with the restaurants and retail openings …

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CaliforniaFeaturesRetailersSCBlog

Time to Network: Progressive Real Estate Partners’ Umansky Begins Term as President of Retail Brokers Network in Interesting Times for Retail

by Alex Tostado

California Centers, a sister publication of Shopping Center Business, recently spoke with Brad Umansky, president of Rancho Cucamonga-based Progressive Real Estate Partners and the newly appointed president of the Retail Brokers Network. As Umansky assumed the volunteer role in May, the nation — and the retail real estate industry — was in the throes of dealing with closures and stay-in-place orders brought on by the COVID-19 pandemic. He spoke with the magazine about assuming his role for the network at this time, and how its members are helping each other …

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CaliforniaCompany newsNews

‘Exceptional Leader’: Marcus & Millichap Co-Chairman William Millichap Dies at Age 76

by Alex Tostado

Calabasas, Calif. — William Millichap, co-chairman of Marcus & Millichap whose leadership and innovation helped pave the way for the company to become a national player and household name in commercial real estate, has died at the age of 76 following a year-long battle with cancer. The company made the announcement Tuesday. Millichap joined the company, then known as G.M. Marcus Co., as an investment broker shortly after its founding in 1971. After serving as a regional manager of the Palo Alto, Calif., office in the mid-1970s, Millichap went on …

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CaliforniaEntertainmentInvestment salesNews

Netflix Acquires Historic Egyptian Theatre in Hollywood

by Alex Tostado

Hollywood, Calif. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and …

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CaliforniaDevelopmentMixed-useNewsRetailers

Shapell Liberty Investment Completes Retail Component of Vineyards at Porter Ranch Mixed-Use Center in Los Angeles

by Alex Tostado

Los Angeles — Shapell Liberty Investment Properties has completed the lifestyle and entertainment portions of The Vineyards at Porter Ranch, a $150 million mixed-use development in Los Angeles’ Porter Ranch neighborhood. AO Architects designed this portion of The Vineyards, which features 273,000 square feet of open-air, mixed-use space at 20000-20250 W. Rinaldi St. The pedestrian-friendly development includes a main street, central green area for community events and a 4,000-square-foot community meeting room. Current tenants of the property include Whole Foods Market, AMC Theaters, Ulta Beauty, Nordstrom Rack, Gus’s Barbeque, Lure …

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CaliforniaEntertainmentInvestment salesNewsRetailers

NKF, Highland Partners Negotiate $14 Million Sale of Single-Tenant Retail Property in Hawthorne, California

by Alex Tostado

Hawthorne, Calif. — Newmark Knight Frank (NKF) and Highland Partners have arranged the sale of a retail building located at 14351 Hindry Ave. in Hawthorne. A private family office acquired the property from Hawthorne Gateway, a private Los Angeles-based partnership, for $14 million. Bed, Bath & Beyond occupies the property. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of NKF and Michael Grannis of Highland Partners represented the seller in the transaction.

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CaliforniaCompany newsEntertainmentNews

24 Hour Fitness Files for Chapter 11 Protection, Opts to Permanently Close 132 Stores

by Alex Tostado

San Ramon, Calif. — Fitness center retail chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection stemming from revenue losses during the COVID-19 pandemic. The San Ramon-based company expects to secure $250 million in debtor-in-possession financing, which is subject to court approval. The fitness chain has also announced its intention to permanently close 132 of its 300-plus gyms. In California alone, 24 Hour Fitness will shutter 41 locations, and in Texas another 26 will permanently close as the company will focus on reopening its other gyms across the …

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